InCred Equities - IRB Infrastructure Developers Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	59,246	73,839	79,546	90,513
Operating EBITDA (Rsm)	28,020	36,650	39,443	43,967
Net Profit (Rsm)	7,200	8,286	11,492	14,712
Core EPS (Rs)	0.8	1.4	1.9	2.4
Core EPS Growth	(27.2%)	62.8%	38.7%	28.0%
FD Core P/E (x)	56.27	34.56	24.92	19.47
DPS (Rs)	0.2	0.2	0.2
Dividend Yield	0.47%	0.47%	0.47%
EV/EBITDA (x)	13.89	9.91	8.31	6.97
P/FCFE (x)	253.67	(80.11)	19.13	(10.67)
Net Gearing	115.3%	109.5%	78.7%	58.8%
P/BV (x)	2.14	2.04	1.90	1.73
ROE	3.9%	6.0%	7.9%	9.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	59,246	73,839	79,546	90,513
Gross Profit	34,792	44,303	47,728	54,308
Operating EBITDA	28,020	36,650	39,443	43,967
Depreciation And Amortisation	(8,321)	(10,611)	(11,154)	(11,727)
Operating EBIT	19,699	26,039	28,289	32,241
Financial Income/(Expense)	(12,087)	(15,422)	(14,087)	(11,224)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	7,612	10,617	14,202	21,017
Exceptional Items	3,157
Pre-tax Profit	10,769	10,617	14,202	21,017
Taxation	(3,569)	(3,185)	(4,261)	(6,305)
Exceptional Income - post-tax
Profit After Tax	7,200	7,432	9,942	14,712
Minority Interests		854	1,550
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,200	8,286	11,492	14,712
Recurring Net Profit	5,089	8,286	11,492	14,712
Fully Diluted Recurring Net Profit	5,089	8,286	11,492	14,712

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	28,020	36,650	39,443	43,967
Cash Flow from Invt. & Assoc.
Change In Working Capital	(11,964)	9,242	(2,364)	(4,542)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,157
Other Operating Cashflow
Net Interest (Paid)/Received	(12,087)	(15,422)	(14,087)	(11,224)
Tax Paid	(2,500)
Cashflow From Operations	4,626	30,470	22,992	28,201
Capex	(6,847)	(731)	(577)	(577)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,367)	(25,867)
Cash Flow From Investing	(9,214)	(26,598)	(577)	(577)
Debt Raised/(repaid)	5,717	(7,447)	(7,447)	(54,462)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,359)	(1,359)	(1,359)
Preferred Dividends
Other Financing Cashflow	6,963	(2,365)	14,220	(6,385)
Cash Flow From Financing	11,321	(11,170)	5,415	(60,847)
Total Cash Generated	6,733	(7,299)	27,830	(33,223)
Free Cashflow To Equity	1,129	(3,575)	14,969	(26,838)
Free Cashflow To Firm	10,516	20,321	38,045	40,259

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	24,171	16,906	44,806	11,663
Total Debtors	17,694	15,000	16,159	18,387
Inventories	2,990	3,726	4,014	4,568
Total Other Current Assets	24,164	30,116	32,444	36,916
Total Current Assets	69,020	65,748	97,423	71,534
Fixed Assets	152,838	142,958	132,382	121,232
Total Investments	51,409	77,277	77,277	77,277
Intangible Assets
Total Other Non-Current Assets	45,837	45,837	28,837	28,837
Total Non-current Assets	250,084	266,072	238,496	227,346
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	5,022	6,259	6,743	7,673
Other Current Liabilities	573	12,572	13,499	15,282
Total Current Liabilities	5,595	18,831	20,243	22,955
Total Long-term Debt	178,446	171,000	163,553	109,091
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	178,446	171,000	163,553	109,091
Total Provisions	1,274	1,274	1,274	1,274
Total Liabilities	185,315	191,105	185,070	133,320
Shareholders Equity	133,789	140,716	150,849	165,561
Minority Interests
Total Equity	133,789	140,716	150,849	165,561

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	2.1%	24.6%	7.7%	13.8%
Operating EBITDA Growth	0.2%	30.8%	7.6%	11.5%
Operating EBITDA Margin	47.3%	49.6%	49.6%	48.6%
Net Cash Per Share (Rs)	(25.55)	(25.52)	(19.66)	(16.13)
BVPS (Rs)	22.15	23.30	24.98	27.42
Gross Interest Cover	1.30	1.58	1.81	2.55
Effective Tax Rate	33.1%	30.0%	30.0%	30.0%
Net Dividend Payout Ratio	33.6%	16.4%	11.8%
Accounts Receivables Days	103.59	80.81	71.49	69.66
Inventory Days	46.00	41.50	44.40	43.26
Accounts Payables Days	65.97	69.71	74.58	72.67
ROIC (%)	8.5%	10.9%	12.9%	16.7%
ROCE (%)	7.4%	8.6%	9.5%	11.4%
Return On Average Assets	5.2%	7.0%	7.2%	8.2%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

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Market Data

Source: Bloomberg